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Federal Reserve Bank of Richmond Reviews
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    Federal Reserve Bank of Richmond Reviews

    Updated December 12, 2018
    88 reviews

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    3.5
    StarStarStarStarStar
    Rating TrendsRating Trends
    Recommend to a friend
    Approve of CEO
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    Tom Barkin
    4 Ratings

    Employee Reviews

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    Pros

    • "Casual dress encouraged and work/ life balance" (in 22 reviews)

    • "Potential for long term employment with great benefits including pension plan" (in 14 reviews)

    Cons

    • "Not innovative due to a lot of "process" requirements and red tape" (in 6 reviews)

    • "Extremely slow to change and adapt, held back by cultural norms and regulations" (in 3 reviews)

    More Pros and Cons

    1. Helpful (3)

      "Research Associate"

      StarStarStarStarStar
      Former Employee - Anonymous Employee
      Former Employee - Anonymous Employee

      I worked at Federal Reserve Bank of Richmond full-time

      Pros

      Balanced with work and life

      Cons

      Might be boring at some point

    2. "Important Mission"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Former Employee - Anonymous Employee
      Former Employee - Anonymous Employee
      Recommends
      Approves of CEO

      I worked at Federal Reserve Bank of Richmond full-time

      Pros

      You work with a group of professionals dedicated to public service and the important mission of the Federal Reserve

      Cons

      The federated structure of the System can be daunting for those used to a command and control structure

      3. Join the Federal Reserve Bank of Richmond team
      See Our Latest Jobs

    3. "Research Assistant"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Comp & Benefits
      Former Employee - Anonymous Employee
      Former Employee - Anonymous Employee
      Recommends

      I worked at Federal Reserve Bank of Richmond full-time

      Pros

      Very flexible hours, decent pay and exciting work

      Cons

      Sometimes a little low on work but you can use this to read other papers and improve programming skills. No room for career advancement.

    4. "Tired of being micro-managed."

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Former Employee - IT Senior Project Manager in Richmond, VA
      Former Employee - IT Senior Project Manager in Richmond, VA
      Recommends
      Neutral Outlook

      I worked at Federal Reserve Bank of Richmond full-time (More than 10 years)

      Pros

      Pay, Benefits, Pension, Stability, Work/Life mix.

      Cons

      Management has taken up micro-managing experienced IT project managers. Spend more time doing reports and trying to make mgmt look good than managing projects.

      Advice to Management

      Let professionals do their job. Don't need to hold hands.

    5. "It's what you make of it"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Current Employee - Individual Contributor
      Current Employee - Individual Contributor
      Doesn't Recommend
      Neutral Outlook
      Disapproves of CEO

      I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

      Pros

      There are lots of very talented people, you can telecommute, and the benefits are pretty good. Most managers are talented and seem to take pride in what they do, and they provide a good learning environment.

      Cons

      Poorly shared vision. Remarkably, executive management seems unable or unwilling to understand the day to day operation of keeping a large financial institution safe and stable. VPs and AVPs at times seem clueless and motivated by irrelevant non-sense and kingdom-building .

      Advice to Management

      Stop reorganizing, it is only making things more chaotic in an organization that is very immature from a process perspective. If you are downsizing staff, just do it . . . rip the band-aid off. You are destroying morale, and you've done a disservice to yourselves and staff thinking that you've kept the layoffs quiet.

    6. Helpful (4)

      "Worst Place I’ve Ever Worked!"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Former Employee - Vice President in Richmond, VA
      Former Employee - Vice President in Richmond, VA
      Doesn't Recommend

      I worked at Federal Reserve Bank of Richmond full-time (More than 3 years)

      Pros

      Benefits; onsite gym; parking and cafeteria

      Cons

      Racist! Slow to adapt to new leadership theories and technology

      Advice to Management

      Hopefully new leadership will change the toxic culture.

    7. "Great Job"

      StarStarStarStarStar
      Current Employee - Anonymous Employee
      Current Employee - Anonymous Employee
      Recommends
      Positive Outlook

      I have been working at Federal Reserve Bank of Richmond full-time

      Pros

      *Salary
      *Benefits
      *Autonomy
      *Flexible work hours
      *You get to work with smart people

      Cons

      *Workplace Politics
      *Hierarchical
      *Food options could be better

    8. "Stable place to work"

      StarStarStarStarStar
      Current Employee - Anonymous Employee
      Current Employee - Anonymous Employee
      Recommends
      Positive Outlook

      I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

      Pros

      pay, benefits, variety of opportunities to be exposed to across areas of expertise and a system-wide community of practice. The organization is stable.

      Cons

      consensus-driven decision making slows things down.

    9. "Good benefits, no upward mobility"

      StarStarStarStarStar
      • Work/Life Balance
      • Culture & Values
      • Career Opportunities
      • Comp & Benefits
      • Senior Management
      Former Employee - Senior Financial Analyst in Richmond, VA
      Former Employee - Senior Financial Analyst in Richmond, VA
      Recommends
      Neutral Outlook
      No opinion of CEO

      I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

      Pros

      Good benefits, staff is competent

      Cons

      No leadership opportunities, little is spent for development and training.

      Advice to Management

      Management is out of touch with staff members. Better communication is needed.

    10. Helpful (2)

      "FRIT, don't get too excited..."

      StarStarStarStarStar
      • Work/Life Balance
      • Career Opportunities
      • Comp & Benefits
      Current Employee - Anonymous Employee
      Current Employee - Anonymous Employee

      I have been working at Federal Reserve Bank of Richmond full-time

      Pros

      - Nice people
      - FRIT has a fantastic benefits plan

      Cons

      things to expect and things to watch out for:
      1. recruiting - speculative
      that position you applied for may not actually exist yet, or ever. In my personal experience positions are being advertised and interviews conducted before they have budget approval. and yes, sometimes the position is cancelled between the interview and selection phases.

      2. the interview - reasonable.
      if your know your subject matter you should have no problem. most of the people i've encountered there are good to work with.

      3. the selection process - do not be in a hurry, this can drag on for several months. if something else comes along while waiting you should probably take it.

      4. the offer - prepare to be underwhelmed
      FRIT has a fantastic benefits plan, the best i have ever seen. but the salary component of their compensation program is 20-25% below market. i've turned away 2-3 FRIT positions because the salary was so low. even if you do make it through the first three phases there is some probability you will walk away disappointed.

      5. career development - get comfortable
      the organization is mostly static. do not expect mobility, either upwards or sideways.